The board of directors shall thereupon formulate a plan for rehabilitating the financial condition of the district and for refinancing or retiring the indebtedness of the district, which plan may include:
(1) The scaling down of any one or more of the various kinds or classes of indebtedness outstanding, whether evidenced by bonds, warrants or otherwise.
(2) Extending the time for the payment thereof.
(3) Reducing the interest thereon.
(4) Whether the same shall be paid in cash or by refunding bonds, or otherwise, and the manner of effecting the exchange or retirement of the outstanding obligations or any of them for the consideration to be paid under such plan.
(5) The time within which the plan must be approved by a majority in amount of the creditors of the district directly affected by such plan.